Each time, the temporary uptick in inflation that
"inflationistas" have touted as the first sign of impending doom
has faded away, leaving muted inflation.

At the beginning of the financial crisis, when the Fed first
started printing money, and inflation fears first took hold,
economist Paul
Krugman pushed back. He argued that we were in a "liquidity
trap" in which we were unable to use newly printed money--and,
therefore, that the Fed's money printing was nothing to worry
about.

And, so far, Paul Krugman has been right.

The prices of some commodities, especially oil and gold, has
soared, but overall inflation has remained muted. (Not
non-existent, by any means. But certainly not runaway
hyper-inflation.)

Maybe, someday, the inflation scare-mongers will be right, and
the dollar's value will be reduced to that of toilet paper.